Morgan Stanley Announces Third Quarter Results

New York, September 23, 2003 — Morgan Stanley (NYSE: MWD) will hold its third quarter investor conference call, hosted by Chief Financial Officer Stephen S. Crawford, on Tuesday, September 23, 2003 at 10:00 am Eastern time. The call will be available via the worldwide web at www.morganstanley.com or by dialing 1-877-810-2623 (passcode 95354057) in the United States. International callers dial 1-617-786-1488 (passcode 95354057). A playback of the call will be available through October 23, 2003 and a replay of the webcast will be available through March 23, 2004. To listen to the playback dial: 1-888-286-8010 (passcode 62438826) within the United States, or 1-617-801-6888 (passcode 62438826) internationally.

Morgan Stanley is a global financial services firm and a market leader in securities, investment management and credit services. With more than 631 offices in 27 countries, Morgan Stanley connects people, ideas and capital to help clients achieve their financial aspirations.

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